If you are thinking about buying a home anywhere in Deschutes County except in the Bend urban growth boundary, you should be aware of the USDA Rural Guaranteed Home Loan Program. USDA Rural Home Loans offer many advantages over either FHA Mortgage Loans or Conventional Home Loans. Here is a brief summary of advantages of the USDA Rural Home Loan.
- No Down Payment - Truly a 100% home loan
- No Expensive Mortgage Insurance – Keeps your monthly payment low
- No Cash Reserve Requirement
- No Minimum Credit History Requirement
- USDA 100% Financing is a top choice among First Time Home Buyers
- No Limitation to the purchase price
- May finance up to 102% of the appraised value
- Down Payment Assistance from non profits is acceptable
- No limits to the concessions the seller can make – seller paid closing costs
- Rates are typically similar to FHA Home Loans or Conventional Mortgages
USDA Rural Home Loans provides competitive rates, the lowest down payment and the lowest monthly payment of any loan available. There are qualifications for the program. For instance, your household income for a family of up to 4 cannot exceed $73,600 and a family of up to 8 can have a household income of up to $97,150. Additionally, you cannot finance an existing manufactured home with this program.
Call Fred Chamberlin today at 541-342-7576/541-221-3455 Cell for a current quote. You’ll be glad you did!
Article Submitted by Fred Chamberlin – of Alpine Mortgage Planning
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{ 2 comments… read them below or add one }
Fred, what is surprising to me is that people blame 100% financing as one of the major reasons for the crash of the housing industry. Personal, I think that is just a crock. You show me one person that would walk away for granting a 100% loan to a qualified applicant or one Realtor that would refuse to sell to a buyer that has obtained 100% financing. It aint out there.
This is a great program for anyone that qualifies under it.
The USDA Rural Development loan program is a great program – and it’s not just for first-time homebuyers! Anyone can buy a home in a “rural” area (basically, areas with a population of 10,000 or less) with no money down. And, sellers can contribute up to 6% of the purchase price towards your closing costs. You just have to meet the family income requirements, the address of the property must be in an eligible area, and you meet FHA’s credit and underwriting requirements. And the best part – there’s no monthly mortgage insurance premiums!
Check it out. You’ll be glad you did!